-- Luca Mining (LUCA.V) said Tuesday that it continued to "materially" strengthen its balance sheet as it booked "robust" production in the first quarter.
The company said it increased its cash position to about C$36.4 million as of March 31, compared to $25.5 million at year-end 2025, driven by strong operating cash flow.
This was supplemented by about $2.1 million in proceeds from warrant and option exercises and net realized gains of approximately $3.6 million from silver call options, Luca added.
Luca noted these options were implemented to re-establish exposure to high silver prices.
As previously disclosed in the company's Q4 financial results, debt has been reduced to approximately $1.4 million, with the remaining balance expected to be fully repaid by mid-2026.
In further details on production, the company said its payable and consolidated silver production totaled 272,962 ounces of silver, 4,046 ounces of gold, 639,000 pounds of lead, 8.5 million pounds of zinc and 1.6 million pounds of copper.
Produced and consolidated metal production stood at 354,612 ounces of silver, 5,179 ounces of gold, 2.4 million pounds of lead, 10.8 million pounds of zinc and 2.1 million pounds of copper.
"With a significantly strengthened balance sheet, Luca is well positioned to continue executing on its growth strategy, including advancing exploration, operational optimization, and broader corporate initiatives," Chief Executive Officer Dan Barnholden said.
Shares in LUCA were down $0.04 or 2.6% at $1.49 in Canada yesterday.